Fiji Holdings Limited Group has announced a net profit before tax of $70.1 million for the fiscal year ending June 30, 2024, reflecting an 11 percent increase from the $63.2 million reported for the same period last year.
Group Chair Rokoseru Nabalarua noted that this strong performance underscores the commitment of FHL to sustained growth in alignment with their strategic objectives, providing reassurance to stakeholders. He emphasized that while growth was widespread, the main drivers of profit included key subsidiaries: South Sea Cruises, RB Patel, and Merchant Finance.
However, the Group faced challenges due to an increase in the corporate income tax rate, which resulted in only a modest rise of $2.42 million in the consolidated net profit after tax, compared to the previous year.
Nabalarua remarked that despite a successful year, the Board remains vigilant and is closely monitoring important indicators such as global growth, inflation rates, geopolitical tensions, and cybersecurity concerns in the current landscape.
Additionally, the Holding company reported a net profit before tax of $16.94 million, up from $13.02 million for the same time last year. Nabalarua attributed this growth to increased dividends from FHL Retailing, South Sea Cruises, and Merchant Finance.